中信证券

潘建平
中信证券非金属类建材、建筑工程行业首席分
析师。博士、律师，从业6 年。
电话：021-68818838
邮件；pjp@citics.com
颜云飞
电话：021-68818863
邮件：yyf@citics.com

建筑工程·行业研究
建筑和工程行业专题报告之
建筑钢结构子行业 2007 年10 月17 日

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目 录
投资聚焦···························································································································································································1
建筑钢结构概况···································································································································································1
本篇报告的逻辑结构及投资要点········································································································································1
建筑工程行业处在景气上升通道为建筑钢结构行业的发展营造了良好的外部环境····························································1
建筑工程行业依然处在景气上升通道································································································································1
建筑钢结构行业的发展面临良好的外部环境····················································································································2
朝阳行业，构筑未来······································································································································································2
我国建筑钢结构行业发展历程············································································································································2
钢铁工业的成熟为建筑钢结构行业发展奠定了坚实的基础·····························································································3
“追赶效应”和“替代效应”打开行业发展空间···············································································································3
行业集中度稳步提升，并购整合浪潮汹涌··································································································································5
行业整体集中度低，但高端市场集中度较高····················································································································5
并购整合浪潮汹涌·······························································································································································6
建筑钢结构细分子行业分析··························································································································································6
子行业景气不均···································································································································································6
重钢结构发展空间大，空间钢结构利润高························································································································7
建筑钢结构住宅市场悄然启动············································································································································7
行业估值及评级···············································································································································································8
估值方法··············································································································································································8
估值水平··············································································································································································8
行业评级··············································································································································································9
行业投资策略···················································································································································································9
投资策略··············································································································································································9
重点公司推荐·····································································································································································10